Tariffs on All Chinese Goods "Ready to Go"

by Frankie Norman September 11, 2018, 1:10
Tariffs on All Chinese Goods

US President Donald Trump has upped the ante on China as his administration may be about to slap tariffs of up to 25 percent on an additional $200 billion in Chinese goods.

Implementing both sets of tariffs would subject virtually all US imports from China to new duties as the world's two largest economies escalate their trade war over Trump's demands that Beijing make major economic policy changes.

President Donald Trump is raising the stakes in his gamble that the world will line up behind the United States to take on China over trade. Trump has set the stage for tariffs on another $200 billion in Chinese imports, which could happen any day.

Earlier, Dell, Cisco, Juniper Networks and Hewlett Packard Enterprise warned the new taxes could result in United States job losses. And I hate to say that, but behind that, there's another $267 billion ready to go on short notice if I want.

"That totally changes the equation", Trump said. The Russell 2000 index of smaller-company stocks lost 0.3 percent to 1,727.65.

"We expect this period of finalization will take at least two weeks, based on prior rounds of tariffs, and see the potential for some items to be removed or dropped to lower tariff rates (down from the current threat of 25 percent to the original tariff rate of 10 percent, for instance)".

On Friday, Mr Trump said there could be US$267 billion more.

While Apple did not offer an estimate of how much Trump's China tariffs would increase costs of production, the company argued that the tariffs will only hurt American consumers and companies, without curbing China's technology policies.

It's not clear why the president cited the specific figure he used.

Apple has not responded to requests for comment.

"In January 2017, Trump said he spoke to Apple CEO Tim Cook over the phone and he promised to build "three big plants" in the US".

The administration could decide to begin taxing the imports - equal to almost 40 percent of all the goods China sold the United States a year ago - after a public comment period ends on Thursday. And regular consumers stand to lose the most. China will wait until internal pressure builds on Mr Trump, analysts say.

While China's response to US demands has been unsatisfactory, Trump is still speaking to Xi, and would be open to meeting in person, said Kudlow, director of the White House's National Economic Council.

In its letter, Apple argued that the way USA trade officials calculate the U.S. trade balance - attributing the entire value of a product to a country like China where final assembly happens - fails to reflect the true value that Apple generates in the United States. "They're taking US$500 billion out a year", he said. "Lower barriers, open markets, quit stealing IP and technology", he said, using an abbreviation for intellectual property.

In its letter, Apple argued that the way US trade officials calculate the USA trade balance - attributing the entire value of a product to a country like China where final assembly happens - fails to reflect the true value that Apple generates in the United States.

The United States has demanded that China better protect American intellectual property, cut its USA trade surplus, allow US companies greater access to its markets and roll back its high-technology industrial subsidy programs.


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